Shishir Bajaj and two other family members have exited Bajaj Electricals by selling their 2.05 per cent stake in the company following a family dispute settlement with elder brother Rahul Bajaj.
The Bajaj family dispute is set to end, finally. Shishir Bajaj today sold his 25 per cent holding in the primary group investment firm Bajaj Sevashram to his brother Rahul Bajaj in an off-market deal. This was after Rahul Bajaj transferred his group's entire 29.62 per cent shareholding in Bajaj Hindusthan.
Differences still persist between Rahul Bajaj, his brother Shishir Bajaj and others on the issue of transfer of shares for finalisng the split of the Bajaj group, the Company Law Board has been informed by the lawyers.
Bajaj Auto Chairman Rahul Bajaj said on Monday there was no intention to oust Shishir Bajaj from Bajaj Hindusthan, as alleged by his nephew Kushagra Bajaj, CEO of Bajaj Hindusthan.
This is part of internal transactions. Nothing has been sold outside the group.
Shishir Bajaj-promoted Bajaj Hindusthan, India's largest sugar producer, is in talks with its nearest competitor Balrampur Chini Mills to acquire the 36.67 percent stake of the current promoters, the Kolkata-based Saraogis.
After signing the agreement documents on Tuesday night, the Shishir and Rahul Bajaj factions submitted the consent terms of the settlement to the Company Law Board on Wednesday and withdrew the petition.
The Uttar Pradesh government today ordered first information reports to be lodged against all the 16 sugar mills that Bajaj Hindusthan owns in the state for allegedly failing to honour farmers' payment commitments for the crushing season 2007-08. Shishir Bajaj-controlled Bajaj Hindusthan is the country's largest sugar producer.
Signalling the end of a six-year long dispute, the warring Bajaj brothers have reached an agreement wherein family patriarch Rahul Bajaj has agreed to give control of Bajaj Hindusthan to younger brother Shishir.
The warring Bajaj brothers, Rahul and Shishir, have finally decided to terminate a family settlement agreement after prolonged peace talks for which they had also sought additional time from Company Law Board.
An interview with Bajaj Hindusthan Limited CEO Kushagra Bajaj.
Shishir Bajaj, the estranged brother of group patriarch Rahul Bajaj, and his son Kushagra have sought a 25 per cent share in the assets controlled by these trusts.
Shishir, Rahul factions dissent over all-important chairmanship.
Rahul Bajaj's attempts to induct his cousin Niraj Bajaj and son Sanjiv Bajaj on the boards of Bajaj Sevasram and Jamnalal Sons -- the two group holding companies -- has hit a wall.
Rahul Bajaj has reached an 'in-principle' agreement with his brother Shishir Bajaj on the division of the Bajaj empire, but the mercurial chairman of the two-wheeler major said the settlement had been delayed due to tax implications.
To ease pressure due to the coronavirus lockdown, corporate have asked banks and the government for a six-month liquidity line, so that they can pay off their suppliers and employees.
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